(3 Minutes Read)
The Egyptian Stock Market (EGX) closed the week in the green, reflecting a positive trend coinciding with the US dollar’s slip.
The US dollar continues to slip against the Egyptian Pound, with a modest drop since Wednesday’s close, hitting its lowest rate in the past few months. The EGP is currently EGP 49.89 against the greenback, down from yesterday’s close of EGP 49.93. (May 22, 3 PM).
Since the start of the current month, the USD has been facing a consecutive downward trend, losing nearly EGP 1.8 in recent weeks. The Egyptian Stock Market (EGX) closed the week in the green, reflecting a positive trend coinciding with the US dollar’s slip.
This decline coincided with the beginning of the fifth review of the financing program between the Egyptian government and the International Monetary Fund (IMF), which is valued at US $8 billion.
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The Central Bank of Egypt (CBE) has averaged the foreign exchange rate at EGP 49.85 for buying and EGP 49.95 for selling against the USD; the National Bank of Egypt (NBE) and CIB Egypt currently use the same rates. The foreign exchange market changes stem from the discussions on the latest US policies, including discussions around the US President Donald Trump’s tax cut bill
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